Seward & Kissel represented Kudu Investment Management, LLC (“Kudu”) in its minority investment in Variant Investments, LLC (“Variant”). Variant is an SEC-registered alternative credit specialist and internal fund manager. Founded in 2017 and based in Portland, Oregon, Variant manages more than $2.3 billion, largely for registered investment advisor clients. Variant’s strategies are focused on uncorrelated income-generating private investments in niche markets and offered to investors through institutional closed-end interval funds. Since it was founded in 2015, New York-based Kudu has invested in 23 asset and wealth managers headquartered in the U.S., Canada, U.K., and Australia. Kudu-affiliated asset and wealth managers now collectively invest approximately $66 billion, as of Nov. 30, 2022, on behalf of individual and institutional investors worldwide in traditional and alternative strategies and market segments. Kudu’s capital partners are White Mountains Insurance Group, Ltd. and Massachusetts Mutual Life Insurance Company (MassMutual).